So far it seems that there are at least 2 distinct versions of Colloquy for the iPhone.
1. The version referenced here:
http://code.google.com/p/mcolloquy/, and also on the main Colloquy site. This version actually connects to the "real" Colloquy client running on your Mac, and has all of its benefits (i.e. everything that's missing in the stand-alone version of Colloquy for the iPhone). So it appears that this version is just a sort of display frontend for the regular Colloquy.
2. The version that I see in Installer.app, which is missing:
- "/" commands, or equivalent
- Channel list
- User list
- Ability to display actions as different from regular messages
- Ability to display parts and joins
- Ability to display server messages
- Probably others I can't think of right now
This would be a great app if it had these things.